Industrial and Commercial Bank of China : Announcement on Proposed Appointment of Directors

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Stock Code: 1398

USD Preference Shares Stock Code: 4603

EUR Preference Shares Stock Code: 4604

RMB Preference Shares Stock Code: 84602

PROPOSED APPOINTMENT OF DIRECTORS

The board of directors (the "Board of Directors") of Industrial and Commercial Bank of China Limited (the "Bank") announces that Mr. Hu Hao and Mr. Tan Jiong be nominated as candidates for election as Executive Directors of the Bank. A circular which includes, among other things, a notice of shareholders' general meeting will be despatched to shareholders in due course.

A meeting of the Board of Directors was held by the Bank on 17 December 2018. The Board of Directors, in compliance with the Company Law of the People's Republic of China, relevant laws and regulations and the relevant requirements under the Articles of Association of Industrial and Commercial Bank of China Limited (the "Articles"), resolved that Mr. Hu Hao and Mr. Tan Jiong be nominated as candidates of Executive Directors of the Bank. The elections of Mr. Hu Hao and Mr. Tan Jiong as Executive Directors of the Bank are subject to the consideration and approval at the shareholders' general meeting of the Bank. After having obtained the approval at the shareholders' general meeting of the Bank, the appointments are further subject to the approval of the China Banking and Insurance Regulatory Commission ("CBIRC"). The terms of office of Mr. Hu Hao and Mr. Tan Jiong as Executive Directors of the Bank will commence on the date when the approval from the CBIRC is obtained.

The biography of the above Executive Director candidates are set out below:

Hu Hao, male, Chinese nationality, born in June 1962. Mr. Hu Hao has served as Senior Executive Vice President of the Bank since November 2015. Mr. Hu joined ICBC in 1984, serving successively as Deputy General Manager of the Industrial and Commercial Credit Department, Deputy General Manager of the Credit Management Department, General Manager of the Institutional Banking Department, General Manager of the International Banking Department, President of Chinese Mercantile Bank and Chairman of Industrial and Commercial Bank of China Luxembourg S.A. Besides, he once served as Deputy Director-General of Construction and Administration Bureau of South-to-North Water Diversion Middle Route Project, a Director of Taiping General Insurance Company Limited, Taiping Life Insurance Co., Ltd. and Xiamen International Bank, General Manager of Corporate Strategy and Investor Relations Department and Board Secretary of Industrial and Commercial Bank of China Limited. He concurrently serves asVice Chairman of Standard Bank Group Limited and Chairman of ICBC (London) PLC. Mr. Hu graduated from Hunan University, and received a Doctorate degree in Economics from the Graduate School of the Chinese Academy of Social Sciences. He is a researcher.

Tan Jiong, male, Chinese nationality, born in June 1966. Mr. Tan Jiong has served as Senior Executive Vice President of the Bank since January 2017. He joined Bank of China ("BOC") in June 1988. He previously served as Deputy Head (person in charge) and Head of Tibet Branch, and Head of Yunnan Branch of BOC, Chairman of Bank of China Investment Management Co., Ltd. and Head of Guangdong Branch of BOC. Mr. Tan graduated from Wuhan University and obtained a Doctorate degree in Economics. He is a senior economist.

According to the Articles, the term of office of each director is three years, and a director is eligible for re-election upon the expiry of his/her term. The remuneration of Executive Directors of the Bank shall follow the relevant regulations and the relevant remuneration plans will be approved in accordance with the relevant procedures and submitted to the shareholders' general meeting for consideration and approval. The details of the remuneration of the directors of the Bank are available in the Bank's annual reports and relevant announcements.

Save as disclosed above, each of Mr. Hu Hao and Mr. Tan Jiong has not held any directorships in any other listed companies, and other positions in the Bank or the subsidiaries of the Bank in the last three years, does not have any relationship with any directors, other senior management members, substantial shareholders or controlling shareholders of the Bank and does not hold any interests in the shares of the Bank within the meaning of Part XV of the Hong Kong Securities and Futures Ordinance.

Save as disclosed in this announcement, there are no other matters relating to the election of Mr. Hu Hao and Mr. Tan Jiong that need to be brought to the attention of the shareholders of the Bank nor is there any other information to be disclosed pursuant to any of the requirements of Rule 13.51(2) of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

17 December 2018

As at the date of this announcement, the board of directors comprises Mr. YI Huiman and Mr. GU Shu as executive directors, Mr. CHENG Fengchao, Mr. ZHENG Fuqing, Ms. MEI Yingchun, Mr. DONG Shi and Mr. YE Donghai as non-executive directors, Mr. HONG Yongmiao, Mr. Anthony Francis NEOH, Mr. YANG Siu Shun, Ms. Sheila Colleen BAIR, Mr. SHEN Si and Mr. Nout WELLINK as independent non-executive directors.